Just received a copy of ‘My Money Book’ – For a long and happy journey called life. This is an Exide Life Insurance publication and is meant to be a diary of your assets and liabilities.
Such a book could also be called ‘a hand over book’. Let me just explain what this book is supposed to do from a software point of view.
If you were writing code for a software program you would like to document what the BA said, and why that particular code was being written in that format. Exactly if a company was ISO compliant it would also document all its actions and processes.
Unfortunately human beings do things differently under force – we maintain records because the government asks us to.
We do not maintain personal records because there is nobody asking us to. Imagine if you are an Indian and you are travelling to New York. At the airport you have a stroke. Nobody knows you except by seeing your passport…then the process starts..they have no clue on what to do.
Ditto for finances. Once you die your wife starts putting things together. I could write a book on what some of my clients have gone through putting things together.
This attempt by Exide Life Insurance is a good first step in that direction. Here is a book that can keep track of all your finances – bank account, mutual funds, life insurance, loans, mortgages – the works. This could be more than useful for the surviving spouse. In fact it should be made mandatory for people to maintain records in a particular format.
Many Chartered Accountants insist on making a balance sheet – so at least people have a fair picture of what you own and what you owe. HOWEVER the details like folio number, no. of units, beneficiary’s name, etc. can be found ONLY in the ‘My Money Book’.
In short it is a useful book – however I do think that a lot, lot more can be added, an E version launched. Once that is done, it could even be printed and attached to a will.
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